The People’s Bank of China injected RMB520.9 billion (US$79.2 billion) of liquidity into the Chinese financial system through a standing lending facility (SLF) in January, with outstanding SLF loans standing at RMB110 million at January’s end, The Wall Street Journal reported, citing a statement from the central bank. In another statement, the bank said it […]
Category: Banking & Finance
Police in China have arrested 21 people at peer-to-peer lender Ezubao who were involved in what state news agency Xinhua claimed was an online scam that had fleeced 900,000 investors of RMB50 billion (US$7.6 billion), Reuters reported. Ding Ning – the chairman of Yucheng Group, which launched Ezubao in July 2014 – was among those arrested. Ezubao’s […]
Hong Kong’s banks saw pre-tax profit drop 2.8% on average in 2015 thanks to growing bad debt, narrower interest rate margins and lower loan demand, South China Morning Post reported, citing the Hong Kong Monetary Authority. Profits for the territory’s banking sector had grown an average 3.7% in 2014, and last year’s figure marks the […]
The People’s Bank of China this week used two money-market operations to inject a net RMB590 billion in the biggest such move in three years, Bloomberg reported, citing market data. The injection comes as policymakers are working to prevent an annual tightening of liquidity ahead of this year’s Lunar New Year holiday. “As the central […]
China Citic Bank Corp. revealed late Thursday that it had uncovered a “risk incident” concerning RMB969 million (US$147 million), and that police had opened a probe and frozen related assets and funds, Bloomberg reported, citing stock exchange and emailed statements. Sources familiar with the matter said that an employee at the bank’s Lanzhou branch allegedly conspired […]